Sahara International Petrochemicals Co. (Sipchem) announced in a bourse statement on Tuesday that one of its subsidiaries, Sahara & Ma’aden Petrochemicals Co. (SAMAPCO), has signed an Islamic facility agreement with local banks to refinance its existing debt.

 

The local banks include Saudi British Bank, National Commercial Bank, Riyad Bank, Bank AlBilad, and Banque Saudi Fransi.

 

Valued at SAR 2.2 billion ($600 million), the Murabaha facility is for 12 years and will be repaid in 24 semi-annual scheduled installments starting on Dec 31, 2019.

 

The new debt will replace the existing one with more favorable terms.

 

There are no related parties and corporate guarantees associated with the deal.

 

SAMAPCO is 50 percent owned by Saudi Arabian Mining Co. (Maaden) and 50 percent by Sahara Petrochemicals Co.

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